Takaud honours first Tawfeer savings plan client

MANAMA, July 5, 2017

Takaud, the Mena region’s specialist provider of savings, investment and pension solutions, has honoured Farhaz Farouk, nogaholding’s general manager of finance and administration, who was the first client to sign up for Tawfeer, an offering that is the first of its kind in the GCC.

Takaud is 50 per cent owned by Kuwait Projects Company (Kipco) and 50 per cent by United Gulf Bank, a member of the Kipco Group.

The Tawfeer Savings Plan is a great option for long-term savers and investors, individuals and institutions seeking a steady return on investments over time, said the company in a statement.

While returns cannot be guaranteed for any investment, Tawfeer aims to provide an average annual yield of 5 per cent, it stated.

Tawfeer provides retail customers with access to the Takaud Bond Strategy, which is comprised of government bonds, treasury bills, money market instruments and sukuk.

Through Tawfeer, investors can get access to the strategy with lump-sum investments or monthly contributions of as little as BD30 ($79.5) per month. With Tawfeer, anyone can now invest locally, instead of investing in companies and investments abroad.

The Takaud Bond Strategy is comprised of bonds issued by the Kingdom of Bahrain, which were previously available only to those making large investments. This creates a savings plan with stronger expected returns than bank accounts and other comparable saving instruments.

In an appreciation event hosted by Takaud CEO Luc Métivier, Farouk said: "I examined this investment carefully, asking many questions to the Takaud team, so I could compare it to other opportunities in the marketplace. I was very pleased with what I heard and I am in this for the long term. Tawfeer is now an important part of my financial and retirement planning."

Métivier said Takaud is proud to have created an innovative savings solution for its customers that provides the opportunity for a high and steadier return.

"Bahrain financial instruments are now a key part of the investment options we make available to our local and regional clients," remarked Métivier.

"Takaud hopes that the launch and growth of the Tawfeer Savings Plan will promote significant domestic participation in Bahrain bonds," he added.

Both Tawfeer and Takaud Bond Strategy are available now, directly from Takaud.-TradeArabia News Service